Do Investment Banks' Relationships with Investors Impact Pricing? The Case of Convertible Bond Issues

References

• Aggarwal R. Allocation of initial public offerings and flipping activity. J. Financial Econom. (2003) 68(1):111–135Crossref, Google Scholar
• Aggarwal R, Prabhala N, Puri M. Institutional allocation in initial public offerings: Empirical evidence. J. Finance (2002) 57(3):1421–1442Crossref, Google Scholar
• Almeida H, Campello M, Weisbach M. The cash flow sensitivity of cash. J. Finance (2004) 59(4):1777–1804Crossref, Google Scholar
• Amihud Y, Mendelson H. Asset pricing and the bid-ask spread. J. Financial Econom. (1986) 17(2):223–249Crossref, Google Scholar
• Amihud Y, Mendelson H. Liquidity, maturity, and the yields on U.S. treasury securities. J. Finance (1991) 46(4):1411–1425Crossref, Google Scholar
• Bandreddi S, Das SR, Fan R. Correlated default modeling with a forest of binomial trees. J. Fixed Income (2007) 17(3):38–56Crossref, Google Scholar
• Battalio R, Ellul A, Jennings R. Reputation effects in trading on the New York stock exchange. J. Finance (2007) 62(3):1243–1271Crossref, Google Scholar
• Benveniste LM, Spindt PA. How investment bankers determine the offer price and allocation of new issues. J. Financial Econom. (1989) 24(2):343–361Crossref, Google Scholar
• Benveniste LM, Marcus AJ, Wilhelm WJ. What’s special about the specialist? J. Financial Econom. (1992) 32(1):61–86Crossref, Google Scholar
• Billingsley R, Smith D. Why do firms issue convertible debt? Financial Management (1996) 25(2):93–99Crossref, Google Scholar
• Binay MM, Gatchev VA, Pirinsky CA. The role of underwriter-investor relationships in the IPO process. J. Financial Quant. Anal. (2007) 42(3):785–810Crossref, Google Scholar
• Boot AWA, Greenbaum SI, Thakor AV. Reputation and discretion in financial contracting. Amer. Econom. Rev. (1993) 83(5):1165–1183Google Scholar
• Brophy DJ, Ouimet PP, Sialm C. Hedge funds as investors of last resort? Rev. Financial Stud. (2009) 22(2):541–574Crossref, Google Scholar
• Cai N, Helwege J, Warga A. Underpricing in the corporate bond market. Rev. Financial Stud. (2007) 20(6):2021–2046Crossref, Google Scholar
• Carter R, Manaster S. Initial public offerings and underwriter reputation. J. Finance (1990) 45(4):1045–1067Crossref, Google Scholar
• Chan AW, Chen N. Convertible bond underpricing: Renegotiable covenants, seasoning, and convergence. Management Sci. (2007) 53(11):1793–1814Link, Google Scholar
• Chaplinsky S, Ramchand L. The borrowing costs of international issuers: SEC Rule 144A. J. Bus. (2004) 77(4):1073–1097Crossref, Google Scholar
• Chen HC, Ritter J. The seven percent solution. J. Finance (2000) 55(3):1105–1131Crossref, Google Scholar
• Choi D, Getmansky M, Henderson B, Tookes H. Convertible bond arbitrageurs as suppliers of capital. Rev. Financial Stud. (2010) 23(6):2492–2522Crossref, Google Scholar
• Cornelli F, Goldreich D. Bookbuilding and strategic allocation. J. Finance (2001) 56(6):2337–2369Crossref, Google Scholar
• Cox J, Ross SA, Rubenstein M. Option pricing: A simplified approach. J. Financial Econom. (1979) 7(3):229–263Crossref, Google Scholar
• Das SR, Hanouna P. Implied recovery. J. Econom. Dynam. Control (2009) 33(11):1837–1857Crossref, Google Scholar
• Das SR, Sundaram RK. An integrated model for hybrid securities. Management Sci. (2007) 53(9):1439–1451Link, Google Scholar
• Davis GF, Kim EH. Business ties and proxy voting by mutual funds. J. Financial Econom. (2007) 85(2):552–570Crossref, Google Scholar
• Diamond D. Monitoring and reputation: The choice between bank loans and directly placed debt. J. Political Econom. (1991) 99(4):689–721Crossref, Google Scholar
• Duffie D, Gârleanu N, Pedersen L. Valuation in over-the-counter markets. Rev. Financial Stud. (2007) 20(6):1865–1900Crossref, Google Scholar
• Eckbo EB, Masulis RW, Norli O, Eckbo BE. Security offerings. Handbook of Corporate Finance: Empirical Corporate Finance (2007) 1(North-Holland, Oxford, UK) 233–361Crossref, Google Scholar
• Ellul A, Pagano M. IPO underpricing and after-market liquidity. Rev. Financial Stud. (2006) 19(2):381–421Crossref, Google Scholar
• Fenn GW. Speed of issuance and the adequacy of disclosure in the 144A high-yield debt market. J. Financial Econom. (2000) 56(3):383–405Crossref, Google Scholar
• Gomes A, Phillips G. Why do public firms issue private and public securities? J. Financial Intermediation (2012) 21(4):619–658Crossref, Google Scholar
• Gupta A, Singh A, Zebedee A. Liquidity in the pricing of syndicated loans. J. Financial Markets (2008) 11(4):339–376Crossref, Google Scholar
• Hanley K. The underpricing of initial public offerings and the partial adjustment phenomenon. J. Financial Econom. (1993) 34(2):231–250Crossref, Google Scholar
• Henderson BJ. Convertible bond arbitrage: New issue performance and arbitrage opportunities. (2006) . Working paper, University of Illinois at Urbana–Champaign, ChampaignGoogle Scholar
• Hertzel M, Smith RL. Market discounts and shareholder gains for placing equity privately. J. Finance (1993) 48(2):459–485Crossref, Google Scholar
• Huang R, Ramírez GG. Speed of issuance, lender specialization, and the rise of the 144A debt market. J. Financial Management (2010) 39(2):643–673Crossref, Google Scholar
• Huang R, Shangguan Z, Zhang D. The networking function of investment banks: Evidence from private investments in public equity. J. Corporate Finance (2008) 14(5):738–752Crossref, Google Scholar
• Huson MR, Malatesta PH, Parrino R. Is the PIPEs market really a sideshow? Capital market conditions and the pricing of private equity sales by public firms. (2011) . Working paper, University of Alberta, Alberta, CanadaGoogle Scholar
• Ingersoll J. A contingent-claims valuation of convertible securities. J. Financial Econom. (1977) 4(3):289–321Crossref, Google Scholar
• Livingston M, Zhou L. The impact of Rule 144A debt offerings upon bond yields and underwriter fees. Financial Management (2002) 31(4):5–27Crossref, Google Scholar
• Ljungqvist A, Eckbo BE. IPO underpricing: A survey. Handbook of Corporate Finance: Empirical Corporate Finance (2007) 1(North-Holland, Oxford, UK) 375–418Crossref, Google Scholar
• Ljungqvist A, Wilhelm W. IPO allocations: Discriminatory or discretionary? J. Financial Econom. (2002) 65(2):167–201Crossref, Google Scholar
• Megginson WL, Weiss KA. Venture capitalist certification in initial public offerings. J. Finance (1991) 46(3):879–903Crossref, Google Scholar
• Meidan D. The informativeness of offer characteristics versus investor identity in PIPE transactions. (2006) . Working paper, Northwestern University, Evanston, ILCrossref, Google Scholar
• Mitchell M, Pedersen LH, Pulvino T. Slow moving capital. Amer. Econom. Rev. (2007) 97(2):215–220Crossref, Google Scholar
• Pagano M, Röell A. Auction and dealership markets: What is the difference? Eur. Econom. Rev. (1992) 36(2–3):613–623Crossref, Google Scholar
• Reuter J. Are IPO allocations for sale? J. Finance (2006) 61(5):2289–2324Crossref, Google Scholar
• Ritter JR. Some factoids about the 2009 IPO market. (2010) . Working paper, University of Florida, GainesvilleGoogle Scholar
• Ritter JR, Welch I. A review of IPO activity, pricing, and allocations. J. Finance (2002) 57(4):1795–1828Crossref, Google Scholar
• Ritter JR, Zhang D. Affiliated mutual funds and the allocation of initial public offerings. J. Financial Econom. (2007) 86(2):337–368Crossref, Google Scholar
• Rock K. Why new issues are underpriced. J. Financial Econom. (1986) 15(1–2):187–212Crossref, Google Scholar
• Wittenberg-Moerman R. The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market. J. Accounting Econom. (2008) 46(2–3):240–260Crossref, Google Scholar